2010 Insurance Conference

2010 Insurance Conference

SilverBridge group company SDT reports that its annual insurance conference, held in Cape Town, was a huge success with unprecedented interest shown by a group of top executives.

"As a theme, we looked at the importance and necessity of "bridging the gap between sophisticated and emerging markets," says SDT CEO Gawie Erasmus. "This is one of the most important drivers in the insurance market, where insurance providers are focusing on how to deliver high-quality products and services to entry-level markets, from the same operations basis as the traditional sophisticated business. This poses challenges in terms of focus on the right markets, through the right channels, at the right price point.

"We elected to focus on top management as we were sure this would create significant scope for collaboration, networking and other forms of interaction between industry-leading peers and we were very pleased with the outcome as we received precisely that.

An array of world-class speakers provided industry insights to delegates. The keynote was delivered by Sizwe Nxedlana, senior economist at FNB Commercial, who spoke about the state of "Living in the New Normal", which focused on the new state of the local and global economy after the recession, as well as the potential risks and signs of further decline in business drivers. Schoeman Rudman, a very experienced and internationally renowned speaker, now an independent consultant at Absa Life, spoke on a case study "Enabling Absa Life operations across all segments in South Africa and Africa". Rudman has been instrumental in implementing SDT's Exergy at Absa Life over the last 12 months.

Randall Mocke of The Best Funeral Society presented on Global Micro Insurance, a topic he is well qualified to address as he has been instrumental in setting up the Hollard Life JV which addresses funeral policy needs at the lower end of the market.

Raymond Africa, Head of IT and Infrastructure at Sanlam Developing Markets (NSI), outlined the way in which Sanlam is addressing the entry-level market by adopting a similar sales and delivery strategy to that used by the cellular market. In his talk, "Reaching mass markets through sophisticated simplicity", Africa drew on his experience in designing delivery systems for the entry-level market at both Metropolitan and Sanlam.

Other presentations included using business intelligence to drive business cohesion; the challenge of customer service; and the challenges in and importance of doing business in Africa; while inspirational speaker and humorist Gavin Sharples, closed day one with his own brand of humour and Erasmus closed day two with a roadmap outlining the future of the SDT solution set. In between, delegates were treated to a gala dinner and a wine tasting.

"Our annual conference has become an integral aspect of connecting with the financial services market and a highlight in the calendar of all who attend," adds Erasmus. Our thanks go to all who attended and contributed to the success of the conference."

Life Insurance Calculator can help you manage your future

Using a Term Life Insurance Calculator can help you manage your future

Term life insurance is one of the most important ways to secure your future from any potential worst-case scenarios; it covers your beneficiaries regardless of your cause of death, be it through natural causes or by an accident. Trying to calculate what your premium for a term life insurance policy  would be might seem like a difficult task, but the reality is that it is a relatively simple method. The first step is to decide the amount of life insurance you would need for the policy; certain factors that could determine this are one's age, medical history and being involved in stressful or potentially dangerous activities or jobs. Secondly, you would need to find a term life insurance company  that provides rates based upon your specific sex. Women generally are offered cheaper rates than men because of their tendency to live longer, but new data shows that even these trends are slowly changing. Another factor to consider is your age, as younger people should be able to achieve cheaper rates than an older person, because of life expectancy. Getting the right term life quotes are equally dependent upon your personal health and risk factors. If you are a smoker, you should seriously consider kicking the habit as you will not get a good rate based on your current health habits. A good body mass index is equally important to good term life insurance prices, so keeping in physically fit shape and not participating in activities that could cause serious bodily harm are important things to consider. Another thing to consider when calculating the term life insurance rate is that generally most policies have a policy fee and that additional expenses can be incurred based upon how you would set up payment. Fortunately, even with all this instruction, the use of a term life insurance calculator  can easily show you what you would be paying with regards to your income and other factors. Own your future and get the right term life insurance for you!

Insurance: it's history and significance

Insurance: it's history and significance

You have insurance? Today, it becomes the thing must have, buying different types of insurance becomes a habit and also the defense of our common life. What do you know about insurance? The purchase of insurance is a means by which people can protect themselves against large losses. That is why insurance has became a craze now, to reduce risk.

Fire protection is a form of insurance. Many say that small amounts of money to a business. Although thousands of people paid for insurance of fire, some lose their homes by fire. The insurance company will pay for the houses with the money.

The first fire insurance modern company was formed in London, England in 1666. A large fire destroyed much of the city, and people wanted to protect against losses. The first company has grown rapidly. Soon other companies were created in other areas.

Benjamin Franklin helped form the company fire insurance for the first time in U.S. in 1752. He also suggested a new type of insurance for farmers. The new insurance that protects against loss from the body by the storms.

In 1759, Benjamin Franklin, helped launch a new company in the United States. The company, which offers life insurance, the money collected regularly by many different men. If a man died, his family received a large sum of money. Today the company is still active.

Over the years people have benefited many new types of insurance in case of injury in car accidents and plane. Today, almost everyone has some kind of insurance. Not safe for their hospitality, insurance losses from traffic accidents, loss of insurance against fire, ensure the safety of a body part. For example, hand models continue to buy large quantities of safe in his hands, and so on. What types of insurance you have?

Insurance your business can be cheaper

Insurance your business can be cheaper

Are you looking forward to start your own business in the near future? If yes, keep in mind that you will have different costs to cover each month and insurance is n important element of theses costs. Insuring your business is very important especially if you are a small business just starting out. Fact is that even big companies with large risk funds use insurance as a risk management tool. And paying for insurance can cost you quite a lot sometimes. But it doesn't mean that insuring your business should always be expensive. There are ways you can lower your insurance costs and still keep the coverage your enterprise needs.

However, before you actually start reviewing your policy you should learn the main elements of insurance for business. And by adjusting the coverage for these elements you will be able to cut insurance costs effectively.

Basic forms of insurance for business:

1. Business Owner's Policy (BOP) -The most advantageous form of insurance for a small enterprise that has less than 100 employees. This insurance delivers both property and liability insurance and only one premium has to be paid.

2. General liability - Most liability exposures are covered under this form of insurance. Situations that are covered range from accidents to legal action.

3. Property insurance - As the name suggests, this form of insurance covers the property of the business against different risks. Most policies cover fire, flood, theft and natural calamities, however you should analyze the policy for an exact list of covered situations.

4. Workers' compensation - This type of business insurance assures the responsibility of the employer towards his workers by providing medical care, compensation and lost income in case of accidents or other work-related situations.

5. Professional liability/Error and omissions - Covers your enterprise if it gets exposed to liability from clients or partners due to operational errors or malpractice.

6. Directors and officers - Protects senior staff from work related risks.

7. Business automobile - Specific auto insurance for vehicles that are used in commercial purposes by your company.

8. Umbrella - Insuring different assets with a single coverage in case the costs reach a certain level rather than buying separate policies for numerous assets such as property, vehicles. Etc.

9. Travel - Pays for the accidents that take place when an employer is in a business travel.

10. Key person life - This form of business insurance protects the enterprise from the losses that are caused by disability or death of a key employee.

11. Business interruption - Covers the losses that the business has to face due to temporary suspension of operations due to unpredictable events such as fire. It will cover the net profits that are lost during this period.

Once you learn the coverage amounts for these forms of business insurance and analyze your insurance needs it will be much easier for you to adjust the policy to your exact requirements. Remember that the key to cheap business insurance is having the right coverage for the risk your business needs protection against, not what your insurance provider thinks is best for you.

Why do you need to insure your business?

Why do you need to insure your business?

 When people are starting new business insurance seems to be overlooked quite often. For many new entrepreneurs it doesn't seem as an important element of risk management and the costs involved with insuring a business seem to be too high for the new business to take upon. However, fact is that insuring a business is very important especially for an enterprise that's just starting out and is more vulnerable to sudden risk exposures than a business that has been a while on the market and is able to adjust to the situation.

Why do you need to insure your business?

Insuring a business is not a legal requirement such as auto insurance, but the common sense dictates the necessity of doing so these days. A typical business insurance policy will cover the operational costs, business assets and the business owner against various forms of liability and losses due to unforeseen events such as natural disasters. In case the business is exposed to an exceptional even such as fire in the working space or severe damage of facilities due to windstorm the losses that eventually occur are covered by the insurance policy. Employees are also protected by this form of insurance and any liability towards them is also included. In fact business insurance is a great risk management tool that can protect your enterprise in situations that otherwise can ruin your endeavor for good. Here are some of the things a typical insurance policy will cover:

- Natural disasters - Fire - Equipment failure that leads to operation halt - Loss of income due to employee malpractice - Legal action against the business - Man-made circumstances that affect the business - Consumer issues or problems

Most insurance policies will cover the substantial part or the entire cost of loss arisen due to the circumstances mentioned above. And most small business owners know that even such things as fire and flood can be devastating for a small enterprise that doesn't have the assets to cover the loss.

The need for insurance in small enterprises

Today it is very important for a small business to have adequate insurance. The smaller the enterprise is the higher risk of substantial failure due to various risks it has. Bigger enterprises usually have emergency funds to cover exceptional situation, but they are still using business insurance for risk management. Just imagine that your whole life's efforts will be destroyed by a simple flood or circuitry problem and you won't be able to keep the business alive anymore. Moreover, most banks and lending institutions require small business insurance for securing loans and long term credits. No one wants to risk working with a business that can go down suddenly due to an unforeseen event.

Keep these things in mind when considering insurance for your business. There's no excuse in leaving your enterprise without proper coverage if you really care about your efforts. What's the point in spending time, energy and money on a business that you won't be willing to insure in the future? Is it worth it?

Different Types of Health Insurance Plans

The Different Types of 

Health Insurance Plans

 There are several different types of health insurance plans out there. When shopping for health coverage, it can get confusing. Each different policy is broken down to satisfy every individual's needs. It's important to understand that there isn't just one type of policy out there.

Types of Health Insurance Plans
   * Major Medical - This is the most popular type of policy because of the well-rounded medical coverage. The insured pays a monthly premium in exchange for protection from major medical expenses and a small fee for doctor office or emergency room visits, called a copay.
    * Catastrophic - A catastrophic policy is designed to protect you from major losses. These policies have a larger deductible than your standard major medical policy ($10,000 or more) to keep monthly premium payments to a minimum. People typically buy this kind of policy if they don't mind paying for minor medical costs but want protection if anything disastrous were to happen.
    * Indemnity - There are several different types of indemnity policies on the market. Indemnity plans have similar benefits to major medical policies but come with stronger limitations. These are sometimes selected by individuals as a more affordable option.
    * Guaranteed Issued - Most carriers require that your application gets reviewed by their underwriting department to determine whether or not you are insurable. Individuals with an extensive medical history or pre-existing conditions often do not pass their underwriting guidelines. A guaranteed issued policy will accept individuals with pre-existing conditions and is one of the last options for people who have been declined by other companies.
    * Discount Plans - There are many advertisements out there for discounts on medical services. This might sound like health insurance, but it's not considered a real health insurance policy. You pay a monthly premium for a discount on your medical services. The amount of discount and what it actually covers is very limited. You are restricted to their specific network of doctors. Discount plans should not be used as an alternative to your health coverage. Discount plans are not recommended.

Which Plan Is Right For You?

With all the different types of policies on the market, it can be hard to decide which policy is going to be right for you. It would be in your best interest to first speak with a licensed health insurance agent. You can explain to them your situation and what you are looking for in a policy so they can give you their best recommendation on which type of policy you should or shouldn't apply for.

Finding Solutions for Health Insurance

Finding Solutions for Health Insurance for Self 

Employed in Texas

Health insurance for self employed in Texas is something that many people need to think about. As more people strike out on their own and take advantage of the internet to start their own businesses, getting health insurance becomes a bigger issue than people realize. As a self-employed individual, you deserve to get the health insurance that will protect you from thousands of dollars in medical bills. Fortunately, these policies are easy to find if you have a few minutes to look around online.

Self employment is becoming a way of life for many Texas residents who have been affected by the economic recession. People who feel like they could do better on their own or who are treating the loss of their corporate job as a sign to do what they love are starting new businesses, doing freelance work, and finding other ways to pay the bills. However, without a traditional employee job title, people also lose their traditional employer health insurance. In Texas, there are about 6.2 million people who dont have health insurance, and a good share of those individuals are self-employed people who dont think they need or can afford the coverage.

The internet makes it a lot easier for companies to do business. Of course, it also makes it much easier to find health insurance for self employed in Texas. You can easily spend less than an hour learning about health insurance for self employed in Texas and then turn around and use that information to choose the right quote for your needs. Because you can apply for quotes and compare policies online, it is easier than ever to get health insurance coverage and see how affordable it really can be. Working independently has a lot of stress and elements that you have to deal with. However, you shouldnt forsake health insurance for anything.

To find health insurance for self employed in Texas, you just need to look for companies who offer individual policies or specific self-employed policies. Once you find these companies, you can apply for quotes and compare the different options that you are given. By doing this, you will enable yourself to make the most of your health insurance search and find an affordable, effective policy to help you offset your medical expenses. When it comes to getting health insurance, you need to do a little research before you assume theres nothing out there for you.

After you have surfed around a bit looking at the different plans and options you will no doubt feel a little overwhelmed. Thats OK, you have at least become accustomed to what plans and benefits are being offered, however before you click that apply now button we advise you to call an experienced licensed broker to determine if there are any important facts that you may have missed.

Using a broker cost you nothing as they are paid by the insurance companies to market their products. Also, be sure and use a broker that is an independent agent and not someone that only markets one company or product. A independent broker will not only guide you in the correct direction but due to state law the price you pay is the exact same as if going direct with the company and in this time of health care reform consumers need all the assistance they can get to navigate the new laws.

Long Term Care Options

Long Term Care Options That Can Cushion the Financial Reality

 Those who understand long term care insurance consider it to be just as important as health, life, or homeowners insurance. Since LTCI is specifically designed to help protect clients assets and legacy, the baby boomer demographic is a particularly good market to target. A healthy younger adult would pay a much smaller LTCI premium than someone who is older or in worse health. Buying young saves premium dollars and ensures terrific coverage and an independent lifestyle as the consumer ages.

According to AARP, the difficulty of determining the specific policy that is best for an individual may be multiplied when considering a hybrid that combines two types of insurance. These types of insurance also present potential issues from a consumer perspective. This is one reason why long term care insurance, life insurance, disability insurance, and annuities are regulated at the federal level, the state level, or both.

All individual insurance components in a hybrid can be complicated in their own right and present areas of concern to consumers. Agents will be required to provide better consumer education on hybrid insurance products while understanding and explaining government protections in the face of increasingly complex decisions for clients.

Products and legislation will come and go, but we are all getting older and need strong protection. Make sure you introduce long term care into every annual financial review with your clients. Take the time to review all the current and key information, and make adjustments for long term care inflation trends, the cost of care, and current policy features. Your clients will thank you now, and in the long run.

There is wise saying: Aging is not for sissies. The truth is that aging presents tremendous financial and wellness challenges for each of us. In uncertain times, its important for consumers to stay well and protect ourselves and those we love by making good, solid financial decisions and obtaining proper insurance protection.

Baby boomers are now considered the largest growing segment of populations across America. Millions of boomers are looking for economic stability and protection for their futures, and its important to help your clients understand what they need to know about the financial realities of growing older, as well as products that keep their assets safe.

Health and wellness

As we age, minor health issues we experienced when we were younger can easily escalate into something far more serious. A broken bone at 35 is usually more of an inconvenience than anything, but at 70, can become a seriously debilitating problem. Similarly, an illness we shrugged off in our 20s can trigger myriad unforeseen complications when we are older.

Those who understand long term care insurance consider it to be just as important as health, life, or homeowners insurance. Since LTCI is specifically designed to help protect clients assets and legacy, the baby boomer demographic is a particularly good market to target. A healthy younger adult would pay a much smaller LTCI premium than someone who is older or in worse health. Buying young saves premium dollars and ensures terrific coverage and an independent lifestyle as the consumer ages.

Encourage the purchase of private LTCI by people who can afford to take greater personal responsibility for protecting themselves against the rising cost of long term care services. Those helping care for their parents while bringing up their own children are usually more aware of the financial stress of at-home care, assisted living costs, senior center pricing, and the crippling cost of decent nursing home care.

All individual insurance components in a hybrid can be complicated in their own right and present areas of concern to consumers. Agents will be required to provide better consumer education on hybrid insurance products while understanding and explaining government protections in the face of increasingly complex decisions for clients.

Products and legislation will come and go, but we are all getting older and need strong protection. Make sure you introduce long term care into every annual financial review with your clients. Take the time to review all the current and key information, and make adjustments for long term care inflation trends, the cost of care, and current policy features. Your clients will thank you now, and in the long run.

Your Clients Long Term Care Plan

What Health Care Reform Could Mean for Your Clients Long Term Care Plan

If we are unclear about what the act offers and when help will arrive, imagine the confusion and uncertainty among our senior community regarding what this act really means to them. Early estimates suggest that willing participants will receive roughly $50 to $75 per day in benefits. Will that really be enough down the road when participants are ready to collect benefits, since medical expenses and care costs are on the rise? No one knows for sure, but lets look at some numbers:

Nearly 1.5 million Americans live in nursing homes

Nine million people over 65 need long term care of some kind

Ten percent of those who reach age 65 will live in a nursing home for an average of five years

Almost 70 percent of all people in nursing homes are women

In 2010, an estimated 13 percent of the senior population will be diagnosed with Alzheimers What does long term care cost today? On average:

Home health care $80/half day; $160/day Adult daycare $64/day Assisted living $101/day Semi-private nursing home $191/day Private nursing home $212/day

And heres what aging America will look like in the very near future:

There will be more than 71 million people age 65 or older by 2030

By 2020, 12 million will need long term care of some kind

Half of these people will be 85 or older The math is simple. Looking at the cost of health care today and the direction in which Americas aging population is headed, we will all have to pick up a portion of the cost on our own or supplement this government program with a private long term care program. The CLASS Act is a good start, but long term care is now the must-have insurance of the 21st century.

Your clients may also have other questions about whether they should go with private coverage versus this public plan. Some wonder how private LTCI compares with the coverage they will receive from this new act. Some wonder whether they should buy private or wait. The act wont begin until 2012 or 2013. This two-year wait, along with the five years consumers have to pay in premiums before they receive benefits creates a seven-year dead zone, at best.

If your clients do enroll in the public plan, will they be allowed to supplement with some sort of private coverage to make up for the skinny benefits? What will the restrictions be on the type of care a person can receive? This will require research and careful planning so interested Americans can make a good financial decision.

Insurance companies both big and small are also wondering, who must offer this policy? Who is exempt? What if a voluntary plan is already in place? Unfortunately, the act creates more questions than answers.

One thing is certain: Its crucial to put a spotlight on the need for long term care. The CLASS Act is a well-intentioned step to help our aging population prepare and embrace their own long term care needs. We will all need some assistance with activities of daily living as we age, and dementia appears to be on the rise without a cure in sight.

I always suggest to consumers that they buy their own individual coverage if they can afford the premiums. Individual coverage offers outstanding consumer remedies should a carrier wrongfully deny much-needed benefits, and provides the policyholder peace of mind knowing they have the protection they need in place today.

After years of trying to pass health care reform, Congress has passed an act to assist the people who just cant afford health care. The new Patient Protection and Affordable Care Act has many health care components, one which includes a nationwide long term care program that will be extended on a voluntary basis to anyone who wants it. Its called the Community Living Assistance Services & Supports Act or, the CLASS Act.

This is the first real attempt by Congress to address the long term care needs of our growing senior population. And while the implementation of this act is still clear as mud, the gist is that all participants will be asked to pay a monthly premium for a period of five years before they will be allowed to receive long term care benefits.

If we are unclear about what the act offers and when help will arrive, imagine the confusion and uncertainty among our senior community regarding what this act really means to them. Early estimates suggest that willing participants will receive roughly $50 to $75 per day in benefits. Will that really be enough down the road when participants are ready to collect benefits, since medical expenses and care costs are on the rise?

Nearly 1.5 million Americans live in nursing homes

Nine million people over 65 need long term care of some kind

Ten percent of those who reach age 65 will live in a nursing home for an average of five years

Almost 70 percent of all people in nursing homes are women

In 2010, an estimated 13 percent of the senior population will be diagnosed with Alzheimers

What does long term care cost today? On average.

Creative Solutions to the High Cost of Medical Insurance

Creative Solutions to the High Cost of Medical Insurance

That could be very risky thinking, as none of us know when accidents might happen and to be without some sort of insurance to keep you and your family financially sound is not a good avenue to travel.

At the very least, you should have some sort of coverage that protects you against major illnesses and catastrophic events. There are other options, but you will have to put the time into educating yourself in to make the decision that is right for you and your family.

So lets take a look at some of those options. Traditional medical insurance covers things like accidents, illness and injuries, which may require surgery, hospital care and medical attention. Some policies cover things like physical therapy, care at home and psychological services. Some policies even cover alternative medical care such as acupuncture.

As far as medical insurance is concerned, you should take a look at several companies and their benefits and costs before making a decision. Here are a couple of options people dont usually think about. If you can afford the up-front costs of medical care, indemnity plans will reimburse you for medical expenses and they cant tell you what medical professionals you can see. There is a deductible and the reimbursement is based on a percentage of the expense you incur.

Another option is managed health care plans, which are the norm these days. The cost of medical care is managed by the insurer. It is their job to negotiate rates with different medical care entities. HMOs (Health Maintenance Organizations) and PPOs (Preferred provider Organizations) are managed health care providers. The up side is that their premiums are less expensive. The down side is that you are restricted by the insurer to a list of physicians, service providers and locations you can use to get medical attention. A deductible of some sort is also mandatory in most cases.

Some people who like to make their own choices prefer to us a health care spending account. Funds can be placed in a non-taxable account to cover deductibles, vision care and other medical expenses not covered by standard insurance policies. It is best to spend a little time each year estimating how much you need to place into this account and then budgeting for monthly deposits to ensure the money is securely put aside.

Heres a checklist for determining what medical insurance you need:

Evaluate the overall health of you and your family

Look at how much you spend on medical services in a year

Look at a few different insurance companies

Understand what each provider offers completely (even the fine print)

After you have done your comparison of carriers and their offerings, compare the annual cost of premiums to your annual costs for services

Determine the type and level of medical insurance you need

Protecting Yourself With Public Liability Insurance

Protecting Yourself With Public Liability Insurance 

And this is not restricted to just one area of our lives either. So, when you consider the likelihood of things going awry in the workplace, it can all become a bit of a worry! The more staff you have in your employment, the higher the possibility becomes of something going wrong. And if your day to day work involves the general public, then there are even more possibilities to consider... Even a relatively minor mishap can become a costly business if it is deemed to have been your fault.

This is where a public liability insurance policy can be such a prudent thing to have. Not only will it give you great peace of mind, but it will come into play in a variety of different scenarios. Such a diversity of professions will benefit from this type of cover; shops, bouncy castle hire, amusement parks and even sports events. All in all, there is a far greater need for public liability cover than you would think!

But with some professions the need for this kind of protection may not be so immediately obvious...

Here are a few examples -

Photographers What possible reason could a photographer have for public liability cover? Well, imagine if they were booked for a wedding shoot (quite a common occurrence)... and they managed to damage someone's property in the process of taking their pictures. Most public liability policies will protect you in this kind of situation.

Industrial Cleaners Floors will frequently require the use of water and detergent during the cleaning process... and these are both great ingredients for someone to have a nasty fall!

Hairdressers Scissors, hair trimmers and razors are all very sharp items... You may be one of the worlds most skilled and conscientious hair stylists, but accidents can still happen!

You are probably beginning to see how important it can be to have a good public liability policy in place. None of us will plan on having accidents or mishaps; in fact, most of us will go out of our way to avoid them! However, the truth of it is that things can easily go wrong from time to time. And that in itself makes public liability cover a very wise type of insurance to consider.

Since we are unable to see what life has in store for us it is always sensible to be prepared for the worst! We may not have the ability to prevent accidents from happening in the first place, but at least there are measures we can take that will help us to get things back on track.